63B-31-103. Transportation bonds -- Maximum amount -- Use for State Infrastructure Bank Fund loans.
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Effective 7/1/2024
63B-31-103. Transportation bonds -- Maximum amount -- Use for State Infrastructure Bank Fund loans.
(a)Subject to the restriction in Subsection (1)(c), the total amount of bonds issued under this section may not exceed $30,000,000.
(b)When the Department of Transportation certifies to the commission the amount of bond proceeds that the commission needs to provide funding for the purposes described in Subsection (2), the commission may issue and sell general obligation bonds in an amount equal to the certified amount plus costs of issuance.
(c)The commission may not issue general obligation bonds authorized under this section if the issuance for general obligation bonds would result in the total current outstanding general obligation debt of the state exceeding 50% of the limitation described in the Utah Constitution, Article XIV, Section 1.
(a)Proceeds from the bonds issued under this section shall be provided to the Department of Transportation to transfer to the State Infrastructure Bank Fund created in Section 72-2-202 to be used to issue loans pursuant to Title 72, Chapter 2, Part 2, State Infrastructure Bank Fund.
(b)Any distribution from the State Infrastructure Bank Fund shall be contingent upon a commitment from the borrower that revenue is available to repay the loan from the State Infrastructure Bank Fund which shall be paid in whole or in part from revenue distributions described in Subsection 72-2-121 (4)(j).
(c)Notwithstanding Subsection 72-2-204 (2), a loan or assistance made with proceeds from bonds issued under this section shall bear an interest rate not to exceed .5% above the bond market interest rate available to the state for an issuance under this section.
Amended by Chapter 501 , 2024 General Session